The Condominium Act, 1998 introduced mandatory provisions for Performance Audits. What does this mean for condominium owners and how are they protected by the one, two and seven year warranties offered by Tarion?

This is the story of two Ontario condominiums that collectively lost over $500,000 that was diverted and siphoned out of their reserves over the course of several years by their long-time property manager.

The reserve fund provision in the Ontario Condominium Act, 1998, which came into effect on May 5, 2001 is one of the most important and far-reaching measures in the legislation. This article takes a practical look at what those changes really mean.

As the deadline to complete reserve fund studies draws nearer, many corporations are receiving reports indicating that significant common element fee increases and/or special assessments will be required. Are the studies correct? What can be done about the increases? How directors decide to balance the need to properly fund the reserve for major repairs and replacements with the financial concerns of the owners is likely the biggest challenge they will face over the next few years.

"The Condominium Act 1998 requires that all corporations complete a Reserve Fund Study and update this study every three years. Guidelines for hiring the right Reserve Fund Study Consultant for your corporation are presented in this timely article which examines qualifications, experience and selection criteria".